Please beware of fraudulent / scam text messages, emails or phone calls regarding your debit card or bank account.
Always call the bank at 815-264-3201 or our debit card provider Shazam at 866-508-2693 to confirm.

Waterman Savings

Certificates of
Deposit (CD)

Earn up to 3.77% APY on your savings

No Minimum to Start

Earn up to 3.77% APY

Get more for your money and earn more than 6x the national average.

Zero Risk, Guaranteed Return

Select the term that's right for you and your money will grow at a fixed rate.

24/7 Online Banking

With 24/7 online banking you can monitor your account and add additional funds at your convenience.

Limit of $1 Million per account.

No Minimum to Start.

CD Options

Choose the best term for you.

6 Month

3.70% Rate
3.75% APY

9 Month

3.70% Rate
3.77% APY

12 Month

3.70% Rate
3.77% APY

27 Month

3.70% Rate
3.77% APY

Additional Features

Learn more about additional benefits for your savings account.

Waterman Bank is a member of the Federal Insurance Corporation (FDIC). The FDIC protects your Waterman Bank deposits up to $250,000 per depositor for each qualifying account ownership category. This means your money is 100% protected up to the FDIC limits. Learn more about FDIC coverage here.

Mobile check deposit is a quick and convenient way to deposit your paper checks remotely. Instead of taking a trip to the bank, take a picture of the front and back of the check using the Waterman Mobile app.

Online banking is great but sometimes you need help from a live person, stop by one of our locations or give us a call over the phone, someone is standing by ready to help.

Learn More About Your New Account.

Read our disclosures about our CD Savings accounts here.

Consistent, safe savings.

Why Waterman CD?

Bank with a bank that values your money. The Waterman certificate of deposit is the highest interest paying account we have to offer.

With new specials and a large range of lengths for our CDs, Waterman Bank is your premier choice for certificates of deposit options.

Our Process

Step 1
Gather your documentation
Step 2
Complete an application
Step 3
Personalized Service Call

Learn more about our process to open a new account at Waterman.

A Full-service bank at your fingertips.

Bank from Anywhere with Waterman Bank Mobile

  • Mobile Deposit
  • View Account History
  • Transfer Between Accounts
  • Set Account Alerts
  • Security and Convenience

Learn more about our
Waterman Bank Mobile App here.

See Your Savings Potential.

Savings Calculator

Use this free Savings Calculator to see what potential savings your could have today. For further analysis and details into your specific savings plan, contact us to discuss options.

Savings Calculator


Most frequent questions and answers for Waterman CD

With a certificate of deposit CD account your money is placed in the account for a set amount of time, called a term. In exchange for leaving your money in the CD you’ll earn a fixed interest rate on your money unlike a traditional savings account where the rate is variable and subject to change.

How much interest you earn is dependent upon, how much you deposit, your specific term, and interest rate. For more current information see our CD page.

You cannot add money to an existing CD however you can open up multiple CD accounts at the same time.

Yes. You can always decide to withdraw your money early. However, like with any CD account, there is a penalty for withdrawal prior to the end of your CD term. Please our Fee and Disclosure page for more details.

Yes. You can assign individuals as Payable on Death beneficiaries, which means while you’re alive the beneficiaries won’t have access to anything in the account. There are certain situations where beneficiaries are handled differently, like when dealing with a Joint with Survivorship accounts or Trust accounts when the Trustee is controlling the funds for another party. Assigning beneficiaries can give you peace of mind and can result in increased FDIC coverage for your accounts up to the legal allowable limits. For additional questions or concerns, contact us at 815-264-3201 or

Yes, your Waterman CD is FDIC-insured up to the allowable limits.

There are no minimum balance requirements to open a Waterman CD Special at this time. For all other Waterman CD rates, the minimum balance requirement is $1,000.

Once your CD matures, you have a 10-day window called a grace period where you have three choices: 

  1. Withdraw your money and put it in another account. 
  2. Withdraw your money and open a different CD.
  3. Allow your CD to renew.


If you don’t withdraw your money, Waterman Bank will automatically renew your CD, although it may be at a different rate and term than the previous CD.

Waterman CDs and High Yield Savings are both saving accounts which allow you to earn interest. However, when you deposit money into a Waterman CD account, you agree to keep it there for a specific amount of time, called a term. If you decided to withdrawal or transfer funds early before your term is over, you may incur a penalty. After your term is over with the Waterman CD account you can access your money and your earned interest without a penalty. In exchange for not being able to access your money the Waterman CD account offers you a fixed guaranteed rate. Whereas a High Yield Savings account rate is variable and are subject to change.

Waterman Bank is here to help.

At Waterman we believe in serving all the people in our communities, understanding your needs and finding the right solutions to meet them. Whether your goals are big or small we are only a phone call or email away, we’re here to help.